Bridges back as New York Regional Rail's CEO

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Yesterday, New York Regional Rail Corp. (NYRR) announced Ronald Bridges has come out of retirement and again will serve the company as chief executive officer. His annual salary? One dollar in cash and 1,000,000 warrants that can be converted into common shares at an exercise price of $.0001.

"I have taken stock as compensation rather than cash to show my conviction and dedication to the job at hand, which is first and foremost to return NYRR to profitability and to increase shareholder value," said Bridges in a prepared statement.

A NYRR board member since 2000, Bridges previously served as the company's president (from September 2000) and CEO (from October 2001) until he retired in October 2002 for health reasons. He previously acted as an independent consultant for several transportation companies and served Conrail as assistant vice president, forest and manufactured goods business group.

"In [Bridge's] first term as CEO, NYRR's revenues grew and the company achieved profitability in the last two consecutive quarters of his term," said NYRR Chairman Gordon Kuhn. "Now, with our strengthened financial condition, our capital infrastructure improvement and additions, the recently announced settlement of a major legal matter and having Ron back in charge, our company is well positioned for future growth."